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Manila Bulletin devider Business devider PSBank retains triple-A rating

PSBank retains triple-A rating

Published Apr 12, 2022 03:02 pm

Philippine Saving Bank (PSBank), the consumer and retail bank arm of the Metrobank Group, retained the highest Issuer Credit Rating of PRS Aaa (corp.), with a Stable Outlook, from the Philippine Rating Services Corporation (PhilRatings).

A company rated PRS Aaa (corp.) has a very strong capacity to meet its financial commitments relative to that of other Philippine corporates. A Stable Outlook means the rating is likely to be maintained in the next 12 months.

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PhilRatings said “The ratings reflect PSBank’s strong market position, sound capitalization and prudent loan provisioning, strong Parent and highly-experienced management team.” Based on data from the Bangko Sentral ng Pilipinas (BSP), PSBank was the country’s second largest thrift bank, as of Dec. 31, 2021. PSBank ended the year with total assets of P260.8 billion.

The bank likewise ranked second in terms of deposits (P216.8 billion) and net loans (P111.5 billion), and ranked first in terms of capital (P33.5 billion).

The bank is a significant player in the consumer banking sector. According to PSBank, it accounted for 44 percent and 21 percent share of the thrift banking sector’s auto loans and residential real estate loans, respectively as of end-2021.

PSBank has maintained a healthy capitalization. Capital Adequacy Ratio (CAR) stood at 24.3 percent as of end-December 2021, up from 19.4 percent in 2020, and exceeding the regulatory minimum.

As Gross Non-Performing Loans (NPL) ratio grew to 6.7 percent in 2020, from 3.6 percent in 2019, PSBank was proactive in its provisioning given the potential credit risks brought by the pandemic.

Provision for impairment and credit losses expanded by 189 percent in 2020.

Gradual recovery from the effects of the pandemic resulted in improved asset quality for 2021. Gross NPL declined by 29 percent from the previous year, while the Gross NPL ratio improved to 6.1 percent.

Following better asset quality, PSBank reduced its provision for impairment and credit losses by 52 percent in 2021.

Related Tags

Philippine Rating Services Corporation (PhilRatings) Philippine Savings Bank (PSBank)
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